Softbank buys 78% of Sprint as deal reaches its end

0.phoneArena
11 Jul 2013, 02:34posted on

On Wednesday, Sprint and SoftBank announced the completion of the Japanese telecom company's purchase of 78% of Sprint for $21.6 billion; Sprint stockholders will receive $16.6 billion while $5 billion will be injected into Sprint. 72% of Sprint's common stock will be acquired by SoftBank for $7.65 in cash while the remaining shares are being converted into common stock of a new company called Sprint Corporation... Current Sprint holders were given the option for receiving a prorated amount of cash or 1 share in the new company for each Sprint share owned.

Did I read that right?
"72% of Sprint's common stock will be acquired by SoftBank for $7.65 in cash while the remaining shares..."
72% of the stock for 7 dollars and 65 cents!! what a great deal. I could've bid $8 and still come out on top!! I'm guessing it's a typo?

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